Published in Finance

Charter Growth Capital mezz fund invests in Traverse City Products

BY MIBIZ STAFF Thursday, March 19, 2020 08:21am

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GRAND RAPIDS — Charter Growth Capital Fund co-invested along with Birmingham-based lead investor Colfax Creek Capital LLC in Traverse City Products LLC.

John Kerschen, president and managing partner at Charter Capital Partners COURTESY PHOTO

The deal, which closed March 10, also included mezzanine debt from Grand Rapids-based Charter Growth Capital, according to a statement. 

Metal forming manufacturer Traverse City Products is a supplier of roll-formed and stamped metal products that specializes in glass hardware components such as window sashes, lift plates, sunroof reinforcements and decorative trim. 

The company supplies parts to nearly 30 vehicle platforms across six OEMs and also works in the office furniture industry, according to a statement. 

With the deal, the owners of Traverse City Products (TCP) were able to exit the business. The company’s existing management team remains in place.

“With a long-standing history as a trusted supplier, TCP has significant growth potential and is a welcome addition to our portfolio,” John Kerschen, president and managing partner at Charter Capital Partners, said in a statement. 

Private equity firm Colfax Creek Capital invests in middle market companies in the consumer products, service, and industrial sectors across the Great Lakes states. 

Grand Rapids-based Charter Capital Partners seeks to raise $100 million for Charter Capital Growth Partners, a fund that wants to back lower middle-market companies in the Great Lakes region that need $1 million to $5 million in capital to grow, recapitalize the business, or make an acquisition, as MiBiz previously reported

The fund previously invested in Kalamazoo-based Keystone Solutions Group, which offers product design for the medical device, aerospace and automotive industries, plus contract manufacturing for medical devices. Charter Growth Capital Fund also provided mezzanine debt and an equity co-investment with Detroit-based HighGrove Companies to recapitalize All Star Driver Education LLC, an Ann Arbor-based provider of driver education, as MiBiz previously reported.

Read 3218 times Last modified on Friday, 20 March 2020 17:19